Read the introduction to Unit 8 ( https://core-econ.org/the-economy/book/text/08.html#subheadline ) and the 'Great Economist' box about Friedrich Hayek in this unit. Use the supply-and-demand model to represent:

1. The increase in the price of US raw cotton (show the market for US raw cotton, a market with many producers and buyers).
2. The increase in the price of Indian cotton (show the market for Indian raw cotton, a market with many producers and buyers).
3. The reduction in textile output in an English textile mill (show a single firm in a competitive product market).